Once again, the market bolted out the gate. It carried higher by corporate earnings only to come drifting back to earth. 

The first speed bump came from the Philly Fed report.

Each major category declined and while the number of employees edged higher, workweek edged lower. 

I’m very concerned that prices paid continues to march higher.  It is clear prices received are not keeping pace and that means margin pressure. 

Then there’s the ten-year bond yield which continues its relentless climb higher.  The move tripped up the NASDAQ first but has swept up all major indices. 

These kinds of sessions are frustrating but par for the course.  The market has to deal with them, the session that can come back after tripping up early will be the once that signal a potential turn on the horizon.